Board Meeting Highlights

Board Room
May 31, 2019

Actuaries provide IMRF Annual Valuation

Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2018 to the IMRF Board of Trustees.

The valuation details IMRF's financial position and highlights changes to the demographics of the IMRF membership during the prior calendar year. The valuation also makes recommendations that the Board uses to set employer contribution rates for future years.

According to the valuation:

Some demographic highlights from the valuation include:

Number of IMRF Members As of 12/31/2018 As of 12/31/2017
Tier 1 Active 103,159 110,453
Tier 2 Active 73,364 65,113
Retirees 131,963 127,070
Inactive 141,817 136,385
Total 450,303 439,021

Number of IMRF Members As of 12/31/2018 As of 12/31/2017
Regular Plan 172,335 171,311
SLEP Plan 4,088 4,120
ECO Plan 100 135
Total 176,523 175,566

2019 Employee Trustee election plan approved

The Board approved IMRF’s plan for conducting an Employee Trustee election later this year.

IMRF active members will elect one Employee Trustee for a five-year term beginning January 1, 2020. The position will open when Employee Trustee Natalie Copper’s term expires at the end of 2019.

IMRF’s website will be updated with the detailed election procedures on June 28.

Board passes resolutions

The Board passed the following resolutions:

Staff provides update on implementing 2017-2019 Strategic Plan objectives

IMRF Executive Director Brian Collins updated the Board on activities undertaken during the first quarter in support of the 2017-2019 Strategic Plan. Key successes within each of the Strategic Plan’s Key Result Areas (KRAs) included:

Financial Health KRA

Customer Engagement KRA

Workforce Engagement

Operational Excellence

Board continues work on 2020-2022 Strategic Plan

As part of IMRF’s triannual strategic planning process, the Board completed STEP and SWOT analyses. As part of the Societal, Technological, Economic, and Political (STEP) analysis, the Trustees considered macro-environmental factors that could impact IMRF over the next three years. As part of the Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, the Trustees considered characteristics of IMRF and the external environment that could impact the organization over the next three years. IMRF staff will use the input gathered during the exercise to inform the Strategic Objectives that will be put forward for Board review in August. In June, IMRF staff will complete SWOT analyses with IMRF staff and external stakeholder groups.

New employers join IMRF

The Board approved the participation of the following new employers:

Next Board meeting

The next regular meeting of the IMRF Board of Trustees will be August 23 at 9 a.m. at IMRF’s Oak Brook headquarters.